Home sales surged last month, with 46.9% more detached single-family homes sold in the Chicagoland suburbs in October 2020 than in October 2019, according to new MORe data.
Due to the unusually strong fall market, the time detached homes spent on the market fell by 24.4%, from 86 days to 65 days. The median sale price increased by 13.6%, from $261,500 to $297,000, as buyers competed to put in the best offers.
“We only see four months of inventory available in Lake County, and less in Cook and DuPage, so inventory is still very tight overall,” MORe Board of Directors President Linda Dressler said. “For anyone considering selling their home, this could be a time when it will get a lot of attention and may attract multiple offers.”
Attached home sales also grew significantly, with 36.1% more sold in October of this year than the same month in 2019. However, these properties stayed on the market about three days longer before selling in October 2020 than they did in the previous year.
“The sales growth we’re seeing this fall is great news for the local economy in general, especially this year,” MORe CEO John Gormley said. “For each home listing we see, over $60,000 of work is generated for landscapers, general contractors, lawyers and more. ”
The following suburbs saw particularly notable growth in the number of detached single-family homes sold:
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Antioch (72.4% increase in number of detached homes sold)
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Bartlett (108.7%)
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Burbank (90.5%)
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Chicago Heights (52.0%)
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Downers Grove (76.3%)
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Elmwood Park (90.0%)
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Glen Ellyn (122.2%)
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Green Oaks-Libertyville (125.0%)
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Gurnee (51.4%)
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Hoffman Estates (63.3%)
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Long Grove-Lake Zurich-Hawthorn Woods-Kildeer (78.6%)
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Naperville (79.8%)
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Orland Park (73.3%)
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Palatine (51.1%)
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Round Lake (73.5%)
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Schaumburg (57.1%)
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Saint Charles (102.1%)
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Streamwood (77.8%)
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Tinley Park (89.7%)
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Wheaton (129.6%)
Remind potential homebuyers that they can explore MainstreetHomeSearch.com to get a sense of the properties that are available in the Chicagoland suburbs. In this pandemic year, online listings can be a great way to connect with buyers about their preferences before beginning in-person home tours.